Downtown’s Hurt Building, constructed on Edgewood Avenue in 1913 and expanded in 1926, was just purchased for nearly $34 million.
The 18-story “V”- shaped building, bounded by Edgewood, Piedmont Center Avenue, and Hurt Plaza, was bought by New York-based Gamma Real Estate, according to the Atlanta Business Chronicle.
Plans call for the group to invest nearly $4 million in improvements to the lobbies, including removing 1980s carpeting to reveal original marble floors. And in a nod to the growing population of sleep-deprived GSU students in the area, a Starbucks will fill retail space at the ground floor.
The announcement highlights a continuing trend in the neighborhood and is just the latest in a spate of construction and renovations around Woodruff Park.
In just the last year, active (and finished) projects have included the nearby Candler Building, Olympia Building, GSU Law School, Flatiron Building, and the GSU Creative Media Industries Institute.
The local partner in the project, Dion Meltzer, pointed out an increased use in public transit as a catalyst for a changing tide in the neighborhood. Noting improvements like the Mercedes-Benz Stadium and Underground Atlanta — which Meltzer may have prematurely said is “happening” — the developers are bullish on the Five Points area.
With the renovations, investors hope to entice tenants to occupy the nearly 28-percent of the building that’s currently vacant. But with a spruced-up building featured on the National Register of Historic Places and the promise of nearby Pumpkin Spice Lattes©, it might not be too difficult to draw in some new businesses.
- Downtown's historic Hurt Building sells for almost $34 million [Atlanta Business Chronicle]
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